Shares in South Korean automakers rallied on Wednesday after U.S. President Donald Trump said the U.S. and Japan had struck a trade deal that includes a 15% tariff that will be levied on Japanese exports to the United States, APA reports citing Investing.
Hyundai Motor (OTC:HYMTF) rose 6.8%, while Kia climbed 6.4%.
Source: Investing
Japan and the United States have also agreed to set Japanese auto tariffs at 15%, Japanese public broadcaster NHK said on Wednesday, citing government sources.
South Korea is also heading into high-level trade talks with the United States, with South Korea’s new finance minister and the country’s top trade envoy scheduled to meet in Washington with U.S. counterparts on Friday.
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